Investors are seeking the safe haven of money market funds as the markets continue to exhibit volatility.Total money market mutual fund assets rose by $48.69 billion to $3.165 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose by $10.88 billion in the latest week to $1.172 trillion.
Assets of taxable money market funds in the retail category rose by $4.75 billion to $883.10 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $6.13 billion to $288.58 billion.
Assets of institutional money market funds rose by $37.81 billion to $1.994 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $35.54 billion to $1.814 trillion; assets of tax-exempt funds rose by $2.28 billion to $179.67 billion.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged at 0.89 percent as of Wednesday from the previous week.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was 0.28, unchanged from last week.
Bankrate.com said the annual percentage yield was 3.36 percent on six-month certificates of deposit, down from 3.38 percent the previous week. Yields were 3.47 percent on 1-year CDs, down from 3.51 percent; 3.34 percent on 2 1/2-year CDs, down from 3.39 percent; and 3.68 percent on 5-year CDs, down from 3.73 percent.